Retirement commissioner rejects raising superannuation age
4th Feb. 2020
The Retirement Review has called for the government to increase resources at the office of the Retirement Commissioner, the Commission for Financial Capability (CFFC), and fund the financial research charity Mindful Money.
By Madison Reidy, Business Reporter RNZ
29 January 2020
The Retirement Review has called for improvements in the retirement system to better meet the needs of New Zealanders on low incomes and vulnerable groups in society, noting that KiwiSaver is not working well for those who need financial support the most.
One of the key recommendations in the three-yearly review of retirement income policies was to keep the age of eligibility for NZ Super at 65 years old, reversing the recommendation from the previous review. The interim Retirement Commissioner, Peter Cordtz, said the cost of the universal payments to retirees was sustainable for the next 30 years, citing Treasury projections.
The Review also looked at ethical investment for the first time. It called for greater transparency and objective information to be provided on KiwiSaver funds. This should be achieved by called for the government funding to support the charity, Mindful Money.